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A 6,000 rupee loan at 5 per cent for 2 years has a payoff of:
A7,200 rupees
B6,600 rupees
C6,300 rupees
D6,900 rupees
Answer & Solution
Correct answer: B. 6,600 rupees
1. One year of interest is 300 rupees.
2. Two years give 600 rupees.
3. Payoff is 6,000 plus 600, that is 6,600 rupees.
_Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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